As the largest fixed and semi-fixed desert in China, the Gurbantünggüt Desert undergoes a long period of snow cover in the winter and the rapid growth of ephemeral plants in the spring, presenting obvious seasonal changes in the underlying desert surface type, which can lead to variation in...

In this paper, we propose a test for the multivariate regular variation model. The test is based on testing whether the extreme value indices of the radial component conditional on the angular component falling in different subsets are the same. Combining the test on the constancy across...

We take China's anti-corruption campaign as an exogenous shock to test the auditor risk response under political uncertainty. Using multiple DID approach, we use 16207 hand-collected observations from 2207 firms from Central Commission for Discipline Inspection (CCDI) showing that audit fee...

We investigate the link between gender inequality in financial inclusion and income inequality, with three contributions to the recent literature. First, using a micro-dataset covering 146,000 individuals in over 140 countries, we construct novel, synthetic indices of the intensity of financial...

This paper analyzes the degree to which volatility in interbank interest rates leads to volatility in financial instruments with longer maturities (e.g., T-bills) in Kenya since 2012, year in which the monetary policy framework switched to a forward-looking approach, relative to seven other...

A growing body of empirical evidence suggests that inequality-income or gender related-canimpede economic growth. Using dynamic panel regressions and new time series data, this paperfinds that both income and gender inequalities, including from legal gender-based restrictions, arejointly...

We consider the problem of aggregating dependent risks in the presence of partial dependence information. More concretely, we assume that the risks involved belong to independent subgroups and the dependence structure within each group is unknown. We show that a sharp convex upper bound exists...

Structural models of default can identify asset value dynamics and the location of the default boundary from either (observable) credit spreads or (latent) default probabilities. The latter approach uses historical default rates as proxies, which provide such low statistical power that...